Chicano term of endearment, usually adult to child (or junior in years) for a go-getter with no real intended meaning related to gang culture.
Similar to little man, young warrior, or tiger.
From warrior context of CHOLO root.
"Ay, CHOLITO, where you going so fast like Speedy Gonzalez?"
"Oh, pobre CHOLITO, que paso? Looks like it's time I show you some moves to defend yourself.